New unemployment claims made in a week sunk according to key measurements in the final week of 2022, per new data from the Labor Department that was released late last week.
The seasonally adjusted total for that week was 204,000, falling from the 223,000 total now reported for the prior week. During the same week in 2021, the seasonally adjusted total was 224,000, per the new Labor Department release, marking another drop-off of tens of thousands. New claims on a not seasonally adjusted basis were also significantly down compared to the prior year, reaching 275,552 versus the total as 2021 closed of 315,753. There was a slight increase in unadjusted, new claims from the prior week, but it appears that increase was significantly lower than what seasonally based estimates expected. A measurement of the unemployment rate showing those receiving benefits as a portion of the labor force was unchanged on December 24 from the previous week, per seasonal adjustments.
The adjustments to the data attempt to erase expected, yearly fluctuations in the reported figures. The Biden team highlighted some of the recently released data on unemployment claims, particularly the large drop-off in a four-week rolling average of adjusted, initial claims from January of 2021 to the close of December 2022, when that average reached just under 214,000. In January two years ago, the average went up to 828,000. “Initial unemployment claims have plummeted and continue to be low under President Biden’s leadership,” a White House post said. “Thanks to [Biden’s] economic plan, we are transitioning to stable, steady growth.” The economic initiatives championed by the Biden admin range from work with private-sector partners on fixing delays in the supply chain to the infrastructure spending deal Biden signed that continues to provide for large investments in projects nationwide.
Biden’s White House has also focused on supporting the production in the U.S. of tech components known as semiconductor chips, equipment used in clean energy, and more. Compare these documentable boosts to the U.S. economy and the people who rely upon it with the chaos offered by Donald Trump and his allies in the Republican Party. When COVID-19 first upended so much of life in the United States, Trump could barely even be bothered to engage in the kind of long-term campaign against the virus that would help support long-term economic recovery. He eventually came around to vaccines — after also promoting quack cures and resisting even slight protections. How differently might the pandemic have gone if Trump decided to consistently promote masks?
Initial unemployment claims have plummeted and continue to be low under President Biden’s leadership. Thanks to @POTUS’ economic plan, we are transitioning to stable, steady growth. pic.twitter.com/arcsEvAoig
— The White House (@WhiteHouse) January 5, 2023
